There has been a drastic decrease in the circulation of Rs 2,000 banknotes over the past three years
In November 2021, the number of Rs 2,000 banknotes in circulation (NIC) was reduced to 223.3 crore pieces, representing 1.75% of the total NIC. This is a sharp drop, compared to the 336.3 crore pieces of these notes, which were in circulation in March 2018.
The Rs 2,000 banknotes were put into operation by the government after being wiped out, with the aim of curbing black money, in November 2016.
Giving this detail in Parliament, the Minister of Finance, Pankaj Chaudhary while answering an unmarked question in the Rajya Sabha on Tuesday said that the printing of banknotes of specific denominations is decided by the government. after consulting with the Reserve Bank of India (RBI).
“Compared to the 3,363 million pieces (mpcs) of Rs 2,000 banknotes in circulation as of March 31, 2018, accounting for 3.27% and 37.26% of NICs in volume and value respectively, 2,233 mpcs have been circulated on November 26, 2021, the Minister said in his written reply it was 1.75% and 15.11% NIC in volume and value.
Mr Chaudhary added that no new dents had been placed by the money printer for the Rs 2,000 note from 2018-19 onwards. He also said that the notes would no longer circulate once they were mutilated or dirty.
Following the government’s de-advertising move on 8 November 2016, when the government declared the Rs 500 and Rs 1,000 banknotes in vogue at the time to be invalid, the Rs 2,000 and one A new series of Rs 500 bills have been introduced.
